USD/JPY loses further the grip and tests 108.70. US 10-year yields stay depressed near 1.60%. US advanced Retail Sales expanded 9.8% MoM in March. The trend lower in US yields keep weighing on the dollar and drags USD/JPY to fresh multi-week lows in the 108.70/65 band on Thursday. USD/JPY apathetic post-US data USD/JPY has been on the defensive since Monday and continues to track the downtrend in US yields, particularly the 10-year benchmark, which puts the key 1.60% level to the test so far in the second half of the week. In fact, spot has been trading on a negative fashion as investors’ sentiment steers away from the US economy outperformance narrative and looks to the progress of the economic revery in the Old Continent. In the meantime, yields and the buck remain unable to gather fresh buying interest despite stellar figures from the US calendar on Thursday: Initial Claims rose by 576K WoW during last week, headline Retail Sales expanded at a monthly 9.8% in March and Core Sales rose 8.4% MoM. Further upbeat data showed the Philly Fed Manufacturing Index improving to 50.2 for the current month and the NY Empire State Index bettering to 26.30 in the same period. Later in the session, US Industrial/Manufacturing Production is due followed by the NAHB Index, Capacity Utilization and TIC Flows. Moving forward, FOMC’s Bostic, Daly and Mester are also due to speak. What to look for around JPY The 4-month positive streak in USD/JPY met resistance in the 111.00 neighbourhood so far (March 31), bringing to a halt the strong bounce off January’s lows in the mid-102.00s. The pair’s bull run was mainly bolstered by the improved sentiment in US yields, which in turn was underpinned by higher inflation expectations in the US. Also favouring the selling pressure in the Japanese yen, the mega-loose stance from the BoJ – which is seen in place for the foreseeable future – has been reinforced at the latest event, while speculative net longs in the safe haven have been scaled back strongly in past weeks. USD/JPY levels to consider As of writing the pair is losing 0.12% at 108.79 and faces the next support at 108.40 (low Mar.23) seconded by 107.85 (50-day SMA) and then 105.71 (200-day SMA). On the upside, a surpass of 110.96 (2021 high Mar.31) would aim to 111.71 (monthly high Mar.24 2020) and finally 112.22 (2020 high Feb.20). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next XRP Price Prediction: Ripple aims for significant rebound toward $2 FX Street 2 years USD/JPY loses further the grip and tests 108.70. US 10-year yields stay depressed near 1.60%. US advanced Retail Sales expanded 9.8% MoM in March. The trend lower in US yields keep weighing on the dollar and drags USD/JPY to fresh multi-week lows in the 108.70/65 band on Thursday. USD/JPY apathetic post-US data USD/JPY has been on the defensive since Monday and continues to track the downtrend in US yields, particularly the 10-year benchmark, which puts the key 1.60% level to the test so far in the second half of the week. In fact, spot has been trading on a negative… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.